Asia report: Markets end turbulent week in a mixed state

Markets were mixed on the last working day of the week in Asia, following heavy losses on Wall Street overnight, as investors kept an eye on developments in tensions between Ukraine and Russia.

In Japan, the Nikkei 225 was down 0.41% at 27,122.07, as the yen weakened 0.24% against the dollar to last trade at JPY 115.20.

Automation specialist Fanuc tumbled 5.79%, while among the benchmark’s other major components, fashion firm Fast Retailing added 1% and technology conglomerate SoftBank Group was 1.31% firmer.

The broader Topix index was 0.36% weaker by the end of trading in Tokyo, settling at 1,924.31.

On the mainland, the Shanghai Composite was 0.66% firmer at 3,490.76, and the smaller, technology-heavy Shenzhen Composite was 0.42% firmer at 2,311.79.

South Korea’s Kospi eked out gains of 0.02% to 2,744.52, while the Hang Seng Index in Hong Kong lost 1.88% to 24,327.71.

The blue-chip technology stocks were weaker in Seoul, with Samsung Electronics down 0.93% and SK Hynix 1.13% lower.

“Markets continue to chop around on these Russia headlines,” said Neil Wilson at Markets.com, noting that European equities were slightly higher on Friday morning, after a sharp fall for Wall Street on Thursday, where the S&P 500 declined more than 2%, taking it back under 4,440 and near Monday’s low.

“Another mixed bag from Asia, while oil is sharply lower with WTI back under $90 - mainly, it seems, on hopes Iranian crude will return to the market.

“Bonds enjoyed a strong rally on Thursday, pushing the US 10-year back under 2%, apparently on geopolitical haven bid.

“This also helped gold hit $1,900.”

Oil prices were lower as the region entered the weekend, with Brent crude last down 2.41% at $90.73 per barrel, and West Texas Intermediate losing 2.67% to $89.31.

In Australia, the S&P/ASX 200 was 1.02% lower at 7,221.70, while across the Tasman Sea, New Zealand’s S&P/NZX 50 was 0.94% weaker at 12,141.89.

Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.17% at AUD 1.3890, and the Kiwi advancing 0.25% to NZD 1.4908.